Shree Cement Q4FY26: Volume Growth Strong, Margins Stable

Key Highlights • EBITDA: ₹1,250 Cr vs ₹1,240 Cr estimate (in-line) • Volume Growth: ↑9% YoY to 10.8 MT (highest in 9 quarters) • FY27 Volume Growth Guidance: ~10% Profitability • EBITDA/Tonne: ₹1,161 vs ₹967 QoQ • EBITDA/tonne slipped below UltraTech Cement for the first time in 3 years Management Commentary • Pricing gap with UltraTech has narrowed • Focus shifting towards volume-led growth • Profitability trends remain important to watch Capex Update • FY27 capex guidance reduced to ₹1,500 Cr vs ₹1,870 Cr YoY Key Takeaway Strong volume momentum continues, while moderating industry capex could support better sector profitability going forward.